Papers

Overview In this project I study the English stamp duty holiday that took place between July 2020 and September 2021. I analyze transaction level data from HM Land Registry to assess which properties were most affected and how transaction volumes and prices changed over the holiday. Then I build a quantitative macroeconomic economic model which matches the transaction patterns identified from the data. I use the model to evaluate the effect of the holiday on aggregate consumption....

Overview We study theoretically and empirically how firm-to-firm sales relationships shape firm dynamics and productivity. We first present a parsimonious model of firm dynamics where dynamics arise from the arrival of new potential matches between firms, acting as supply shocks from the perspective of buyers, and as demand shock from the perspective of suppliers. Buyers switch to new suppliers when it is optimal to do so. The model matches the empirical regularities on firm volatility and exit probabilities declining with size, endogenous fat tails in firm growth rates, and some firms with persistently (but not permanently) high growth rates (“gazelles”)....